E-FILING OF RETURN:- E-filing of Return is mandatory for the following assesses – (1)  All Companies (with digital signatures) (2)  Firm requiring audit under section 44AB (with digital signatures) (3)  An individual or HUF to whom provisions of section 44AB are applicable(with Digital signatures) (4)  An individual or HUF whose total income exceeds Rs. 10 Lakh (Digital Signatures are optional) SECTION 271F : PENALTY FOR NOT FILING OF RETURN OF INCOME BY STIPULATED TIME:- If a person who is required to furnish a return of his income, as required under sub-section (1) of section 139 or by the provisos to that sub-section , fails to furnish such return before the end of the relevant Assessment Year, the Assessing Officer shall direct that such person shall pay , by way of penalty , a sum of Rs.5000. And that makes it completely understandable that income tax returns is mandatory for all Companies and LLPs. SECTION 273B:- Notwithstanding anything contained in the provisions of section 271F, no penalty shall be imposable on the assessee for the failure referred to in section 271F, if he proves that there was reasonable cause for the said failure. Example: Previous Year: 31-03-2013 Assessment Year: 2013-2014 Due Date of filing of return: 30th September,2013 Case1: Return filed on 31-10-2013 : No penalty shall be levied Case2: Return filed on 31-03-2014 : No penalty shall be levied Case3: Return filed on and after 01-04-2014 : Penalty of Rs.5000 u/s 271F shall be levied. However, if the assessee proves that there is reasonable cause for the said failure , the penalty shall be dropped. POINTS TO BE NOTED–

In case 1,2, & 3 above , interest u/s 234A shall be levied. No question of interest arises if the Company is into losses.
In case 1 and 2 , although the assessee is not liable to penalty u/s 271F but the following consequences will follow- (a)Â Â Â such return cannot be revised (b)Â Â Assessee is exposed to the risk of best judgement assessment u/s144 (c)Â Â Â The deductions u/s 80-IA, 80-IAB, 80-IB, 80-IC, 80-ID and 80-IE shall not be allowed (d)Â Â Interest u/s 234A shall be levied. Following are the topics that will be reasonably viable to the readers : Private Ltd vs LLP vs Partnership Difference between partnership and LLP Create a LLP LLP ROC Filings Is LLP better than a Private Limited Company